Two of the six trustees at Tata Trusts, a group of charities that control two-thirds of Tata Sons Pvt., are set to propose that the group’s holding company prepare for a listing in line with India’s central bank regulations, said the people, who asked not to be named because the deliberations are private.

Venu Srinivasan and Vijay Singh will likely advocate for the need for Tata Sons to make this transition at an upcoming Tata Trusts board meeting on May 8, they said.

Their case, according to the people, is that a listing will bring necessary transparency and rigor to the conglomerate’s parent. That’s a departure from the Trusts’ previous position of resisting a public float due to concerns that a listing would dilute its control over the group’s listed companies. Noel still wants to keep Tata Sons closely held, they added.

The actions indicate that deep disagreements are emerging at the highest levels of the $180 billion conglomerate as India’s central bank takes steps to tighten oversight of what it considers systemically important shadow banks. This also illustrates the challenges that Noel, the scion and a great-grandson of the founder Jamsetji Tata, faces in solidifying his power over the group more than a year after he took over from his late half-brother.

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Representatives of Tata Trusts, Tata Sons and the Reserve Bank of India did not immediately respond to requests for comments. Singh and Srinivasan also did not comment on their plans for the upcoming board meeting.
At the center of the rift is the initial public offering of Tata Sons, the group holding company controlling a vast collection of companies that do everything from manufacturing salt to selling luxury Jaguar Land Rover vehicles and providing global IT services. Under new rules that go into effect July 1, the RBI will designate Tata Sons a shadow bank that will ultimately require it to be listed. It’s not the first time that the RBI has required Tata to list — in 2022, it classified Tata Sons as an “upper-layer” non-banking financial company with a three-year time line to go public. But the group managed to stay private by restructuring its debt and petitioning RBI that it be classified as a non-systemic entity.

That loophole appears to have closed now, with the latest RBI circular preventing Tata from trying to de-register as a shadow lender on the grounds it doesn’t directly accept funds from individuals and institutions.

The RBI separately proposed categorizing shadow lenders as systemically important, if their asset size exceeds 1 trillion rupees ($10.6 billion).

Delay Tactics

Now, trustees at Tata Trusts are questioning whether the delay tactics are worth the trouble given the listing is inevitable, and whether the group would be better off doing an IPO, according to the people.

But Noel, the patriarch who heads the Trusts, has been so opposed to the idea that he even demanded that the chairman of Tata Sons, Natarajan Chandrasekaran, give an assurance that the holding company won’t have to list when the latter’s reappointment for the third term was being discussed, Bloomberg News reported in February.

When Chandrasekaran declined to give that guarantee, the Tata Sons board deferred the vote on his reappointment. There were also differences over financial losses in some business units.

The rift has emerged as Noel seeks to assert his authority over the holding company. The May 8 meeting, the people said, will also focus on the appointment of new nominees by the charities to the Tata Sons board — a strategic move that will help Noel consolidate his influence over the group’s future direction.

The looming deadline adds pressure. With less than two months before the rules kick in, Tata Sons is awaiting informal guidance from the regulator while weighing whether to seek more time to comply, the people said.

No Exception

The RBI, however, has informally conveyed to the Tata trustees that it’s unwilling to make an exception for the conglomerate, according to the people. The regulator has already sought legal opinion on the matter and forwarded its view to the federal government for final review, they said.

The view is that any exemption to Tata Sons will trigger similar demands from other entities, the people said, noting it could complicate the regulatory landscape and set a bad precedent.

If Tata Sons is forced into an IPO, the Shapoorji Pallonji Group, a substantial minority shareholder, will likely be the biggest winner. The infrastructure conglomerate has pledged its 18.4% stake in Tata Sons to raise costly debt. It has publicly backed a listing — calling it a necessary step to unlock value.

Shapoor Mistry and family are valued at $32 billion by the Bloomberg Billionaires Index but nearly 75% of this net worth is tethered to their Tata Sons stake, which is currently illiquid.

LOS ANGELES — Priyanka Chopra Jonas and Orlando Bloom are teaming up for Reset, a high-stakes survival thriller that will begin filming in August, marking another major Hollywood project for the global superstar and a high-profile return to action for the Lord of the Rings veteran.

The film, directed by Matt Smukler (Wildflower), follows a woman (Chopra Jonas) who wakes up deep in the wilderness, days from civilization, with no memory of how she arrived. Her only hope for survival is trusting a charming stranger (Bloom) — a man whose true intentions may prove far more dangerous than the elements surrounding them.

Deadline first reported the casting on May 6, 2026, generating immediate buzz across entertainment circles. Fortitude International will launch international sales at the Cannes Film Festival this month, signaling strong commercial interest in the project.

A High-Concept Thriller with Global Appeal

Written by Jordan Rawlins, Reset blends psychological tension, intense survival elements and twists that question trust and memory. The remote wilderness setting promises stunning visuals and edge-of-your-seat sequences as the two leads navigate both the harsh environment and their growing suspicions of each other.

Chopra Jonas will also co-produce through her Purple Pebble Pictures banner. This marks another producing credit for the actress, who has steadily expanded her behind-the-camera influence in Hollywood. Bloom will produce via his Amazing Owl company. Additional producers include Jon Hoeber and Erich Hoeber (The Meg), Michael Lazarovitch and Matthew Rhodes.

The pairing brings together two charismatic leads with massive international followings. Chopra Jonas, fresh off The Bluff and Citadel Season 2, continues her Hollywood momentum. Bloom, known for Pirates of the Caribbean and The Lord of the Rings, returns to a physically demanding role that plays to his action-hero strengths.

Production and Creative Team

Filming is scheduled to begin in August 2026, with locations expected to include rugged natural landscapes ideal for a survival story. Smukler’s direction of the coming-of-age comedy-drama Wildflower showcased his ability to balance character-driven storytelling with visual flair, skills that should translate well to this tense thriller.

The project’s timing aligns with growing audience appetite for elevated genre films featuring strong female leads and complex interpersonal dynamics. Industry insiders anticipate Reset could appeal to fans of films like The Revenant, A Quiet Place and Don’t Breathe, while its memory-loss mystery adds a psychological layer reminiscent of The Bourne Identity.

Priyanka’s Expanding Hollywood Footprint

For Chopra Jonas, Reset represents continued diversification. After establishing herself in action (The Matrix Resurrections, The Bluff) and prestige drama (The White Tiger), the survival thriller allows her to showcase physicality and emotional depth simultaneously. Her husband, Nick Jonas, publicly celebrated the news on social media, calling it an “exciting” new chapter.

The actress has been vocal about seeking roles that challenge her and offer global representation. Reset fits perfectly as a lead-driven project with international sales potential and crossover appeal.

Bloom’s Return to Intense Roles

Orlando Bloom brings star power and proven action credentials. His last major on-screen outings included The Cut and various franchise appearances. A grounded, character-focused survival story offers him a chance to deliver a nuanced performance while delivering the physicality fans expect.

The chemistry between Chopra Jonas and Bloom is already generating early excitement, with fans speculating about the tension-filled dynamic their characters will share on screen.

Cannes Sales Launch and Market Outlook

Fortitude International’s decision to introduce the project at Cannes underscores confidence in its commercial viability. Survival thrillers with A-list talent have performed strongly in recent years, both theatrically and on streaming platforms. Netflix, Amazon and other buyers are expected to show keen interest.

The film arrives at a time when Hollywood is balancing big-budget spectacles with more contained, high-concept stories that travel well internationally. Reset appears positioned for both theatrical and premium streaming releases.

Broader Industry Context

This announcement highlights the continued globalization of Hollywood casting. Chopra Jonas represents one of India’s biggest exports to American cinema, while Bloom brings British and franchise appeal. Their collaboration exemplifies cross-cultural projects that appeal to diverse audiences worldwide.

As production nears, anticipation will build around casting announcements for supporting roles, filming locations and first-look imagery. With August start date confirmed, Reset is poised to become one of 2027’s most talked-about thrillers upon release.

For now, the pairing of Priyanka Chopra Jonas and Orlando Bloom in a memory-shrouded wilderness survival story has already captured imaginations. As cameras roll later this summer, audiences can expect a tense, visually striking ride filled with twists, breathtaking scenery and powerhouse performances from two of Hollywood’s most watchable stars.

Operator

Good morning, ladies and gentlemen, and welcome to the Westwing Group SE Q1 2026 Earnings Call. [Operator Instructions] Now dear ladies and gentlemen, let me turn the floor over to your host, Andreas Hoerning.

Andreas Hoerning
CEO & Chairman of Management Board

Good morning, everyone, and thank you for joining us for our earnings call on the first quarter of 2026. My name is Andreas Hoerning, I’m the CEO of Westwing. I’m hosting the call together with my colleague, Sebastian Westrich, our CFO. Looking at today’s agenda, I will begin by providing key updates on our business for Q1, after which Sebastian will share the details of Westwing’s financial performance and how the current macroeconomic environment is impacting our business.

After our investment highlights, we will be happy to take your questions. Let’s take a look at the current state of Westwing. Overall, in Q1, we saw strong top line growth. Our revenue increased by 11% year-over-year to EUR 120 million. This was driven by 2 main factors. First, we benefited from a highly successful mega sales event in January, which we already mentioned in the last call.

Second, we saw continued top line contributions from our expansion initiatives. In Q1 of last year, we operated in only 4 new markets and ran 4 offline stores. Since then, we expanded to 8 additional markets and added 3 more stores. It is great to see that these expansion efforts are already delivering a strong top line impact even against rather weak

Eyal Avramovich has built his career around a clear principle: long-term success in complex industries comes from discipline, not speed. Across cryptocurrency infrastructure, energy development, and advanced technology, he has focused on building systems that can scale globally while maintaining operational control. His work reflects a consistent emphasis on efficiency, structure, and long-term execution rather than short-term momentum.

Operating in industries defined by volatility, Eyal Avramovich has prioritized resilience. Instead of reacting to market cycles, he has focused on building businesses designed to withstand them. That approach has shaped the growth of MineBest and his broader ventures, where infrastructure and operational consistency serve as the foundation for expansion.

Early Foundations and a Problem-Solving Approach

Eyal Avramovich’s mindset was shaped early by a strong interest in solving practical problems. He developed a habit of looking at everyday challenges and identifying ways to improve them. This perspective carried into his early career, where he created products designed to address specific needs.

He holds multiple patents, including ultra-thin consumer devices and a robotic system designed for physical recovery. These products reached global markets through major retail platforms, demonstrating his ability to take ideas from concept to execution. More importantly, they reinforced a pattern that continues to define his work: focusing on functionality, efficiency, and real-world application.

That same approach later guided his entry into cryptocurrency. Rather than viewing it as a speculative space, Eyal Avramovich approached it as an operational challenge. The opportunity, in his view, was not only in digital assets but in the infrastructure required to support them at scale.

Infrastructure as the Core of Long-Term Success

Eyal Avramovich has consistently emphasized that infrastructure is the foundation of any sustainable business in digital assets. Cryptocurrency mining, in particular, is highly dependent on operational performance. Success is driven by uptime, energy efficiency, and the ability to manage hardware at scale.

Through MineBest, he has led the development of mining operations across multiple regions, reaching more than 150 megawatts of global capacity. Expansion into North America reflects a continued focus on long-term growth and strategic positioning. As part of strengthening its presence in the region, MineBest is also an official sponsor of Bitcoin 2026 in Las Vegas, further highlighting its commitment to maintaining a leading role in the Bitcoin mining space across North America.

His approach challenges a common trend in emerging industries. Many companies prioritize rapid expansion during favorable conditions. Eyal Avramovich has taken a different path, focusing on systems that can perform consistently across market cycles. He has stressed that companies that endure are those that execute a clear strategy over time rather than reacting to short-term movements.

This focus on infrastructure extends beyond physical facilities. It includes operational procedures, governance standards, and partner selection. By building repeatable systems, he ensures that expansion does not compromise performance or reliability.

Scaling Across Borders with Discipline

Scaling globally introduces complexity that goes beyond growth. Maintaining consistent performance across regions requires a balance between centralized control and local execution. Eyal Avramovich has addressed this by developing systems that can be applied across markets while adapting to regional conditions.

He evaluates potential markets based on key factors such as energy reliability, regulatory clarity, political stability, and access to skilled labor. Expansion decisions are made with a long-term view, focusing on whether a region can support sustained operations.

This approach reflects a broader principle. Global expansion is not about being present everywhere. It is about being in the right places and executing at a consistent standard. By working with trusted partners while maintaining oversight, Eyal Avramovich has been able to scale operations without sacrificing control.

Preparation is a critical part of this process. He invests heavily in planning and due diligence before entering new markets. This allows for faster execution when opportunities arise while reducing the risk of operational issues.

Managing Risk in Uncertain Markets

The cryptocurrency and energy sectors are inherently unpredictable. Market conditions shift quickly, and external factors such as regulation and energy supply play a significant role in performance. Eyal Avramovich has built his strategy around managing these risks rather than attempting to avoid them.

He identifies several key challenges, including energy instability, regulatory uncertainty, and margin pressure. His response focuses on efficiency across all aspects of the business. This includes optimizing hardware, securing reliable energy sources, and maintaining strict operational standards.

Geographic diversification is another important factor. Operating across multiple regions reduces exposure to localized risks, whether regulatory or geopolitical. This creates a more stable foundation for long-term growth.

Transparency has also become increasingly important. As institutional capital enters the space, expectations around reporting and governance have risen. Eyal Avramovich has emphasized the need for clear data and structured operations, aligning his businesses with these evolving standards.

Institutional Standards and Operational Discipline

A key aspect of Eyal Avramovich’s strategy is working with institutional clients. These clients prioritize stability, transparency, and long-term performance. Their expectations have influenced how his businesses are structured and managed.

Institutional partnerships require a higher level of discipline. Decisions must be supported by data, and processes must meet defined standards. This reinforces a consistent approach across operations, ensuring reliability at scale.

At the same time, he recognizes the role of broader participation in emerging industries. Earlier in his career, he focused on making cryptocurrency mining more accessible. While the market has evolved, the goal of balancing accessibility with quality remains relevant.

Institutional involvement is shaping the future of the industry. As more capital enters the space, the demand for reliable infrastructure and structured operations continues to grow. Eyal Avramovich has positioned his companies to meet these expectations through consistent execution.

Balancing Execution Speed with Strategic Clarity

High-growth industries reward speed. However, moving too quickly without a clear strategy can create long-term problems. Eyal Avramovich has taken a measured approach, prioritizing precision over rapid expansion.

He invests time in planning and due diligence, ensuring that each decision aligns with long-term objectives. Once a strategy is established, execution can move quickly and efficiently. This approach reduces the need for reactive adjustments.

This balance is particularly important in industries where both technology and regulation evolve quickly. Companies must be able to adapt while maintaining direction. Eyal Avramovich has emphasized that speed only creates value when it supports a defined strategy.

Energy Strategy and Long-Term Sustainability

Energy plays a central role in cryptocurrency mining, making it a key focus area for Eyal Avramovich. His work includes efforts to integrate renewable energy solutions into business operations.

One initiative involves developing energy systems designed for continuous production with reduced environmental impact. These projects reflect an understanding that long-term success in energy-intensive industries requires responsible resource management.

Integrating energy strategy into operations helps control costs and address regulatory expectations. As governments introduce new standards, businesses must adapt to maintain compliance. Eyal Avramovich has approached this proactively, incorporating energy considerations into long-term planning.

Continuous Improvement as a Business Practice

Eyal Avramovich approaches progress as a continuous process. Rather than focusing on major breakthroughs, he emphasizes incremental improvements in efficiency, infrastructure, and operations.

This method supports consistency. It ensures that changes align with the overall direction of the business rather than introducing unnecessary risk. By focusing on measurable improvements, companies can adapt without losing stability.

Internal processes and culture play a role in this approach. Encouraging teams to identify inefficiencies and implement solutions creates ongoing progress. This supports long-term growth while maintaining operational control.

Regulation and Global Alignment

Regulation remains one of the most complex aspects of operating internationally. Eyal Avramovich has observed that regulatory frameworks and technological development are becoming more aligned over time.

Clear regulations can support growth by providing stability and attracting institutional investment. However, differences between regions continue to create challenges. Companies must navigate varying requirements while maintaining consistent operations.

He emphasizes the importance of staying proactive. Understanding regulatory environments and operating transparently helps reduce risk and build trust. This approach also positions businesses to adapt as regulations evolve.

A Measured Approach to Long-Term Business Growth

Eyal Avramovich’s career reflects a consistent focus on building businesses that can endure. From early product development to global infrastructure projects, his work demonstrates a commitment to discipline and strategic clarity.

He has built operations across multiple regions and industries, each supported by a structured approach to efficiency and risk management. This foundation allows his businesses to adapt to changing conditions while maintaining stability.

His approach offers a broader lesson for leaders in emerging industries. Sustainable success is not defined by rapid growth but by the strength of the systems supporting that growth. Companies that invest in structure are better positioned to navigate uncertainty.

Positioning for Stability in a Changing Global Market

Eyal Avramovich continues to expand his work across technology and energy while maintaining a consistent focus on long-term execution. His approach reflects an understanding that complex industries require structured planning and disciplined management.

By prioritizing infrastructure, managing risk, and aligning strategy with execution, he has created a framework for operating in global markets. This model emphasizes stability over speed and consistency over reaction.

As industries continue to evolve, the ability to build resilient systems will remain critical. Eyal Avramovich’s work demonstrates that long-term thinking, supported by disciplined execution, is essential for building businesses that last.